Sun Communities partnership issues 283,126 preferred units
Series M ranks senior to SCOLP’s Common OP Units and Series A-3 Preferred Units, but junior to other preferred OP units and partnership units that specifically rank senior.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Sun Communities, Inc., as general partner of Sun Communities Operating Limited Partnership (SCOLP), amended SCOLP’s partnership agreement to create a new class of Series M Preferred Units. On October 1, 2026, SCOLP issued 283,126 units at $100 per unit as consideration for the initial holder’s contribution of certain assets.
The units provide quarterly distributions on the $100 per unit issue price at 3.2% per year during the 12 months ending October 1, 2027, 3.4% per year during the 12 months ending October 1, 2028, and 3.6% per year thereafter. Subject to certain limitations, each unit is exchangeable at any time after issuance for common shares using a $100 amount divided by the $174 conversion price, subject to adjustments for certain capital events. Holders may cause SCOLP to redeem all or part of their units for $100 per unit plus accrued but unpaid distributions on or after October 1, 2027, subject to certain limitations.
Filing Explained
The Series M units SCOLP issued on October 1 have priority over its outstanding Common OP Units and Series A-3 Preferred Units, but rank behind its other preferred OP units and units expressly given senior rank.
8-K Event Classification
3 items: 1.01, 3.02, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 3.02
Unregistered Sales of Equity Securities
Securities
The company sold equity securities in a private placement or other unregistered transaction.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Series M Preferred Units issued: 283,126 units
Issue price: $100 per unit
Distribution rate: 3.2% per year
+4 more
7 metrics
Series M Preferred Units issued
283,126 units
Issued October 1, 2026
Issue price
$100 per unit
Series M Preferred Units issued October 1, 2026
Distribution rate
3.2% per year
During the 12 months ending October 1, 2027
Distribution rate
3.4% per year
During the 12 months ending October 1, 2028
Distribution rate
3.6% per year
Thereafter
Series M Conversion Price
$174
Used with $100 to determine the exchange rate into common shares
Redemption price
$100 per unit plus accrued but unpaid distributions
Holders may cause redemption on or after October 1, 2027, subject to certain limitations
Key Terms
Series M Preferred Units, quarterly distributions, Series M Exchange Rate, Series M Conversion Price, +1 more
5 terms
Series M Preferred Units financial
"created a new class of preferred OP units named Series M Preferred Units"
quarterly distributions financial
"provide for quarterly distributions on the $100.00 per unit issue price"
Series M Exchange Rate financial
"the “Series M Exchange Rate”"
Series M Conversion Price financial
"the “Series M Conversion Price”"
redeem financial
"right to cause SCOLP to redeem all or a portion"
To redeem means to exchange a financial instrument—like a bond, preferred share, voucher, or convertible security—for cash or its agreed value when the issuer or holder triggers repayment. Investors care because redemption changes who holds the investment, when they get paid, and how much cash a company must use, affecting yield, ownership stakes and short‑term liquidity much like cashing a coupon or getting a loan repaid.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many Series M Preferred Units did SUI’s operating partnership issue?
SCOLP issued 283,126 Series M Preferred Units at $100 per unit on October 1, 2026. The units were issued as consideration for the initial holder’s contribution of certain assets.
What distribution rates do SUI’s Series M Preferred Units provide?
The units provide quarterly distributions on the $100 per unit issue price at 3.2% per year during the 12 months ending October 1, 2027, 3.4% per year during the 12 months ending October 1, 2028, and 3.6% per year thereafter.
How can SUI’s Series M Preferred Units be exchanged or redeemed?
Subject to certain limitations, each unit may be exchanged at any time after issuance for common shares using a $100 amount divided by the $174 conversion price, subject to adjustments for certain capital events. Holders may cause SCOLP to redeem all or part of their units for $100 per unit plus accrued but unpaid distributions on or after October 1, 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report: October 1, 2026
(Date of earliest event reported)
(Exact Name of Registrant as Specified in its Charter)
| (State of Incorporation) | Commission file number | (I.R.S. Employer Identification No.) | |||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
(248 ) 208-2500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement | ||||
On October 1, 2026, Sun Communities, Inc. (the “Company”), as general partner of its operating subsidiary Sun Communities Operating Limited Partnership (“SCOLP”), entered into the Thirteenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP (the “Partnership Amendment”). The Partnership Amendment created a new class of preferred OP units named Series M Preferred Units.
The Series M Preferred Units provide for quarterly distributions on the $100.00 per unit issue price of 3.2% per year during the 12 months ending October 1, 2027, 3.4% per year during the 12 months ending October 1, 2028, and 3.6% thereafter. Subject to certain limitations, each Series M Preferred Unit will be exchangeable at any time after its issuance date into that number of shares of the Company’s common stock equal to the quotient (the “Series M Exchange Rate”) obtained by dividing $100.00 by $174.00 (the “Series M Conversion Price”) (as such ratio is subject to adjustment for certain capital events). The Series M Preferred Units rank (i) senior to SCOLP’s outstanding Common OP Units and Series A-3 Preferred Units, and (ii) junior to all other series of SCOLP’s outstanding preferred OP Units and all other partnership units that specifically provide that they will rank senior to the Series M Preferred Units. Subject to certain limitations, the holders of Series M Preferred Units will have the right to cause SCOLP to redeem all or a portion of their Series M Preferred Units for $100.00 per unit (plus any accrued but unpaid distributions) at any time on or after October 1, 2027.
The foregoing description of the Partnership Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Partnership Amendment, a copy of which is attached hereto as Exhibit 10.1, and the terms of which are incorporated by reference herein.
| Item 3.02 | Unregistered Sales of Equity Securities | ||||
On October 1, 2026, SCOLP issued 283,126 Series M Preferred Units at an issuance price of $100 per unit. All of the Series M Preferred Units were issued as consideration for the initial holder’s contribution of certain assets to SCOLP.
The issuance by SCOLP of the Series M Preferred Units was made in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.
The description of the exchange and redemption rights applicable to Series M Preferred Units set forth in Item 1.01 above is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
| Exhibit No. | Description | ||||
| 10.1* | Thirteenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of Sun Communities Operating Limited Partnership, dated October 1, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K because such schedules and exhibits do not contain information which is material to an investment decision or which is not otherwise disclosed in the filed agreements. The Company will furnish the omitted schedules and exhibits to the SEC upon request by the SEC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| SUN COMMUNITIES, INC. | |||||||||||
Dated: October 2, 2026 | By: | /s/ Ileana McAlary | |||||||||
Ileana McAlary, General Counsel, Executive Vice President, and Secretary | |||||||||||